Press Release

Led by Growing Packaging Industry, Saudi Arabia Masterbatch Market to Reach $ 264 Million by 2024

Increasing focus on petrochemical industry, government initiatives aimed at boosting real estate sector, healthy growth in automotive sector and innovative plastic packaging methods to drive Saudi Arabia masterbatch market through 2024

According to TechSci Research report, Saudi Arabia Masterbatch Market By Type, By Application, By End Use, Competition, Forecast & Opportunities, 2014 - 2024’’, Saudi Arabia masterbatch market is projected to reach $ 264 million by 2024, owing to strong growth in packaging industry, backed by rising demand for innovative flexible packaging methods from booming FMCG sector in the country. Polymer plays a vital role in the masterbatch market, as polymers are extensively used in the production of masterbatch. Saudi Arabia accounted for about two-thirds of polymer resin production in the GCC region in 2017 and emerged as the largest exporter of polymer in the region in the reported year. With various government initiatives aimed at supporting real estate sector, building & construction segment is growing across the country, which in turn is driving demand for masterbatch.  

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By type, white masterbatch dominates the country’s masterbatch market, owing to its extensive use in packaging industry and in the manufacturing of various appliances like telephone handsets, keyboards and microwave bodies. The packaging industry is the largest end user of masterbatch in Saudi Arabia, on account of growing applications of flexible packaging in the country. Regionally, Eastern Province generates the largest demand for masterbatch, backed by the presence of numerous major plastic processing clusters in the region. The industrial park in Dammam is the most active processing area, thus Eastern Province is expected to account for the largest share in the country’s masterbatch market during forecast period.

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“Globally, Saudi Arabia is the largest producer of petrochemicals, the basic raw material for manufacturing polymers. The Government of Saudi Arabia aims to increase the total output of petrochemicals, which would result in abundant raw material supply for masterbatch production. In October 2018, Saudi Aramco announced plans to increase its refining capacity to about 10 million barrels per day and double its petrochemicals production by 2030. Additionally, the industrial zone of Yanbu, developed by the Royal Commission for Jubail & Yanbu, has attracted a majority share of the region’s petrochemical investments. Such market developments are expected to positively influence Saudi Arabia masterbatch market in the coming years.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm. 

Saudi Arabia Masterbatch Market By Type, By Application, By End Use, Competition, Forecast & Opportunities, 2014 - 2024 has evaluated the future growth potential of masterbatch market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers to take sound investment decisions. Besides, the report also identifies and analyses the emerging trends along with essential drivers, challenges and opportunities in Saudi Arabia masterbatch market.

 

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Increasing focus on petrochemical industry, government initiatives aimed at boosting real estate sector, healthy growth in automotive sector and innovative plastic packaging methods to drive Saudi Arabia masterbatch market through 2024

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